Three execs resign from Dubai-listed Arabtec, acting CFO appointed
Reorganisation of UAE’s largest listed contractor continues with resignation of senior staff including chief financial officer
Three senior executives at Arabtec have resigned as part of a major reorganisation of the Dubai-listed construction contractor, it has been announced.
Iyad Abdalrahim, group chief financial officer, Yazan Hatamleh, group chief human resources and administration officer, and Wassel al-Fakhoury, group general counsel, were named as the three staff members to leave the company.
“Following this reorganisation, departmental functions will be recalibrated to realise the intended consolidation and resource sharing,” Arabtec said in a statement.
Shares in Arabtec were trading down by 1.18% at Dh2.52 at around noon Dubai time on Wednesday, following the announcement the company made to the Dubai Financial Market.
In addition to the resignations, Arabtec announced that it had appointed Ravi Murthy as acting group chief financial officer. He will take over the role with immediate effect, it said. The company explained the moves as part of a reorganisation to achieve cost savings and enhance profitability.
The resignations and appointment are part of an ongoing upheaval at the UAE’s largest listed contractor.
Riad Kamal, who founded Arabtec in 1975, resigned as chief executive in February 2013, being replaced by Hasan Ismaik, whose own departure in June 2014 precipitated a dramatic fall in Arabtec stock.
Ismaik’s resignation also heralded a major company restructure and the departure of key managers, which as the latest resignations suggest, is still ongoing.
In April, Arabtec passed a resolution that stipulated that only Emiratis would be allowed to become board members, and reduced the number of board members from nine to five.
Arabtec’s board in May elected Abu Dhabi businessman, Mohamed Thani Murshed Ghannam al-Rumaithi as its new chairman, replacing Khadem Abdulla al-Qubaisi.
